Tradesmen and tradeswomen around the world have a very important job. Through their artistry and skill, they are able to transform the space that we live and work in. They are a valuable part of society and without them, the world would certainly lack quality.
Unfortunately though, because tradesmen regularly impact public space, they have the potential to create a liability for the general public. This is why it is so important to have tradesman insurance, also called public liability insurance.
Below, we have put together a list of just few hidden dangers of not having tradesman insurance.
Protection
The obvious danger of not having tradesman insurance is the fact that should something happen, you and your employees may not be protected. Because of the nature of working in a trade, many tradesmen are self-employed and potentially could have employees working under them.
Due to the nature of self-employment, often the same worker’s protections and rights are not extended to a tradesman as they would at a large corporation. For this very reason, it is important to have tradesman insurance to be protected.
Sadly, in today’s world, people can be quite quick to jump to lawsuits and litigation and having tradesman insurance can only help protect your business and livelihood. Getting a tradesman insurance quote takes a matter of minutes, so there’s really no excuse.
It Protects the Customer
In addition to protecting the tradesman, having public liability insurance will also protect the customer. Should an accident happen, the customer needs to know that his or her personal property is protected.
Further, the customer needs to know they are covered from any bodily harm that might occur. When a tradesman does not have public liability insurance, this could first, deter a customer from selecting that tradesman, but further, put the financial responsibility onto the tradesman. Lawsuits and claims can quickly become expensive and having tradesman insurance can ease the burden of paying for any disaster.
Cost
One of the mistakes many tradesmen make is they assume that the cost of having insurance is much more expensive than just paying for any litigation claims out of pocket. While initially this would appear to be the case, it does not take into account the possibility of a catastrophic disaster.
Many disasters simply by nature are out of our control. The danger of not having tradesmen insurance is that all of the responsibility could be placed solely on the tradesman’s shoulders. Having tradesman insurance is a protective net should any disasters arise. Most insurance policies are relatively inexpensive when compared to the potential coverage they provide to tradesmen. There are many options for tradesman insurance with no one size fits all solution.
Tradesman insurance is built to cater to the exact needs of the specific trades.
Credibility
Tradesmen are commonly self-employed, so they must work hard to find business from customers. Furthermore, many tradesmen rely on their reputation and referrals for new business. Having a claim against you can potentially harm your business that you have worked so hard to build. For this reason, they need every reason to stay competitive in the market.
Not having tradesman insurance could impact a customer’s decision to hire a tradesman for a project. The customer wants to make sure the project is completed correctly, safely, and will be protected should any problems or disasters arise.
A tradesman that is able to present insurance for his or her work will look much more enticing to a potential customer. The danger of not having insurance though it the risk of losing business.
If you were doubting getting insurance before, hopefully taking these dangers into consideration will help steer you in the right direction.
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